UAE-based Aldar Properties said it has acquired the remaining 40 per cent stake in Khidmah, one of the country’s leading integrated property services companies, thus taking its total ownership to 100 per cent.

Khidmah, a trusted partner of developers, landlords and corporate/ government entities, provides a range of services across property management, facilities management, and consultancy.

The acquisition reinforces Aldar’s commitment to the property management sector and its belief that world class property management is a key source of value creation for real estate owners - in particular Aldar Investments, said the Abu Dhabi developer in its statement.

Furthermore, it supports its vision of delivering high quality, desirable destinations in which to live, work and play, it added.
 
According to Aldar, having 100 per cent ownership of Khidmah will enable it to better serve both direct and indirect customers through the seamless integration of customer management between the developer and property/facility manager.

A leading real estate developer in Abu Dhabi with $10 billion in assets, a 75 million sq m land bank, and through its iconic developments, Aldar is one of the most well known in the UAE and wider Middle East region.

On the acquisition, CEO Talal Al Dhiyebi said: "We are delighted to complete this acquisition and acquire the remaining 40 per cent of Khidmah. Aldar has long been committed to the ongoing success of this business, and this acquisition reinforces that commitment to Khidmah, and most importantly to our valued real estate clients across the UAE and Saudi Arabia."

"From an Aldar perspective, customers have long viewed Khidmah as an extension of our brand and values, and this ensures that we now have complete control over that process," he stated.

Khidmah Chairman Jassem Saleh Busaibe said: "We have won multiple awards for integrated real estate solutions, thanks to our strong track record in dealing with government, corporate and retail customers across the UAE and Saudi Arabia."

"This acquisition by Aldar comes at a time when it has won a number of prestigious contracts, completed several handovers of residential developments, and has an enviable pipeline of opportunities which will continue on ensuring that customer satisfaction is our number one priority," noted Busaibe.

"We look forward to working even closer with our stakeholders to make Khidmah the most successful business of its kind in the region," he added.-TradeArabia News Service